QTUM - Seeking Levels to Add Longterm

BITTREX:QTUMUSD   Qtum / US Dollar (calculated by TradingView)
QTUM' exploded the past few days, and though it has still not regained it's market share, it is quickly rising into the top 15 market cap. Now I am long term QTUM' as it has a great team and more importantly venture capitalists backing them including Roger Ver among many others.

Regardless of your feelings concerning Ver he was a visionary period! Proof? His bankroll!

The market is just becoming known to US' citizens and outside a few coins, most do not know much about the space. There are also Trillions sitting on the sidelines in the US' waiting to invest into something, and quite frankly the stock market is over bought at this time and pickers will be the winners next year by far.

Keep in mind stocks and equitites can remain overbought longer than most can be patient, and oversold longer than most can be liquid! Never bet against the market and never bet against visionaries!

Reality is QTUM' has run great along with several other coins the past few days. I locked in some profits on positions to reduce cost, and QTUM' is one of them.

Intent here as an Investor/Trader: To reduce cost per coin by shaving off some holdings and either trading a breakout to add, or cover my sells on a dip. I'm looking at overall market sentiment and it is very bullish right now.

A sale at $70 and buying back my coins at $75 would be a loss of $5 to those coins. However, I expect a pullback in the near term. I look to add in the $50-$55 area which would be a $20-$25 profit which I will use to simply increase position. So a 4/1 5/1 risk reward for me anyways.

Bottom line with the heavy hitters backing this coin, I would not be surprised to see it added to coinbase which will add to market cap.

Keep in mind I have strict rules when shorting (shaving off or selling) core positions for the longterm and though this is not a core position I am treating it here as such. I have a plan and a strategy to implement. This is a more complex strategy and involves several coins so it is not a simple buy here sell here, or short here buy here strategy. So my price levels may not be relative to another investor.

Regardless if it takes off and I miss the trade, or it pullsback to where I can add, it is never wrong to take profits in big moves so quickly like this.
Comment: Bought back my position at $54 and added some. I think this could be a sleeper for coinbase.
Hi, can you update this TA please. Thanks.
+1 Reply
Getting close to 5 wave!
update your thoughts
Eyeopening advice!
GB, with the US tax code leaning toward both FIFO classification as well as squashing the 1031 option (nothing 100% established yet from what I understand), how does a trader reconcile the cost basis favorably? I use to automatically calculate gain/loss based on these proposed tax parameters. Basically if I move from fiat to BTC and then sell BTC into an alt and back to BTC (never going back to fiat), I am taxed for each gain along the way as it becomes "realized" gain due to the removal of the 1031 option. My tax bill increases with each trade and so does my basis because using FIFO I am selling my first and cheapest shares first. This is huge for anyone planning on reporting to uncle same. Any insight on this?
I was looking at it when it was in its deepest dip thinking - damn that's so undervalued. But who uses that, when Neo seems in charge.
But it's great project - they try to escape from China land to go international, launch sats in space, bridge BTC and ETH chains, dont remember more details.
It doesnt have 100 partnerships type of launch, but can be really valuable in the long term.
Second entry incoming
I have a really hard time buying at 50 bucks when I’ve been staring at it at 15 for ages and didn’t act. Actually bought some at 10 or so in October, but only a small position.
@goldbug1 I've been looking at these 20% drops on various coins but struggling to bring myself to buy when i zoom out to the daily charts and see how ridiculously overbought they are. How do you reconcile the different time frames when deciding whether or not to enter after a flash crash like this?
+4 Reply
Pretty much spot on with your pullback ($51).. now lets see it bounce :)
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